SOLUTION: A investor invest a total of $2000 in two mutual funds. One earned a profit of 4% while the other earned 2%. His total profit was 56$ How much money did he put in each one? I am ha
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Question 731878: A investor invest a total of $2000 in two mutual funds. One earned a profit of 4% while the other earned 2%. His total profit was 56$ How much money did he put in each one? I am having trouble finding a formula for this problem Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A investor invest a total of $2000 in two mutual funds. One earned a profit of 4% while the other earned 2%. His total profit was 56$ How much money did he put in each one?
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Quantity Equation: x + y = 2000
Interest Equation: 4x +2y = 5600
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Modify:
2x + 2y = 4000
4x + 2y = 5600
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Subtract and solve for "x":
2x = 1600
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x = $800 (amt. invested at 4%)
y = $1200 (amt. invested at 2%)
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Cheers,
Stan H.
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